Lees [Kindle] Central Banking at a Crossroads: Europe and Beyond
By Charles Goodhart
Since the 2008 collapse of Lehman Brothers, central banking has changed
dramatically. Over the past five years central banks have intervened in both public
and private debt markets, taking on functions of dealers of last resort, while
simultaneously designing regulatory and resolution frameworks with the explicit aim
of changing bank business models, all in order to contain and better address systemic
risk. This book explores these developments through collected essays from authors
from both academia and policy circles, and sets them in the context of the European
crisis.Central Banking at a Crossroads reflects on the innovations central banks have
made to improve their modes of intervention, regulation and resolution of financial
markets and financial institutions in four related sections: Bank Capital Regulation
examines the Basel III agreement, identifying its key novelties and shortcomings vis-a-
vis its predecessor, Basel II; Bank Resolution focuses on effective regimes for
